Real Estate Statistics for March 2017

The Beacon Report, which is based on real estate statistics from our local Multiple Listing Service (MLS) released its reports of the March 2017 figures, which allows some interesting comparisons to last year's Bend single family residence sales of 1 acre or less.

According to the report, closed sales in Bend for the month of March 2017 increased by 38 transactions over February 2017. Not only were more homes sold, but they were sold at a higher price as reflected in the median price increase of about 14 percent from the prior year from $347,000 in March 2016 to $396,000 in March 2017. The median price per square foot decreased from $205 in February 2017 to $198 for March 2017, but up from $179 in March 2016.

The largest share of homes sold was in the $350,000 to $500,000 price range, comprising about 45 percent of total home sales, followed by the $100,000-$350,000 range at 32 per cent. The remaining home sales for the higher end of the market comprised about 23 percent of the remaining market, with the $500,000-$800,000 price range comprising 70 percent of those sales.

Building permits issued increased from 69 in March 2016 to 91 in March 2017, and inventory levels continue to remain tight at about 1.5 months. Most industry analysts feel that a four to six month inventory level is needed for a balanced market that favors neither buyers nor sellers. Most of these analysts are also saying that new construction is not keeping up with housing demand.